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Thor Equities is a real estate development, leasing and management firm, with headquarters in
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
,
London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
and
Mexico Mexico, officially the United Mexican States, is a country in North America. It is the northernmost country in Latin America, and borders the United States to the north, and Guatemala and Belize to the southeast; while having maritime boundar ...
City. Thor Equities owns property in the
United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
, Canada,
Europe Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...
, Russia, India and Latin America, including London's historic
Burlington Arcade Burlington Arcade is a covered shopping arcade in London, England, United Kingdom. It is long, parallel to and east of Bond Street from Piccadilly to Burlington Gardens. It is a precursor to the mid-19th-century European shopping gallery and ...
and the Palmer House Hilton. In New York City, Thor owns retail, office and residential properties on
Fifth Avenue Fifth Avenue is a major thoroughfare in the borough (New York City), borough of Manhattan in New York City. The avenue runs south from 143rd Street (Manhattan), West 143rd Street in Harlem to Washington Square Park in Greenwich Village. The se ...
and
Madison Avenue Madison Avenue is a north-south avenue in the borough of Manhattan in New York City, New York, that carries northbound one-way traffic. It runs from Madison Square (at 23rd Street) to meet the southbound Harlem River Drive at 142nd Stree ...
as well as in
SoHo SoHo, short for "South of Houston Street, Houston Street", is a neighborhood in Lower Manhattan, New York City. Since the 1970s, the neighborhood has been the location of many artists' lofts and art galleries, art installations such as The Wall ...
, Flatiron, the
Meatpacking District The Meatpacking District is a neighborhood in the New York City borough of Manhattan that runs from West 14th Street south to Gansevoort Street, and from the Hudson River east to Hudson Street. The Meatpacking Business Improvement District alo ...
, and
Brooklyn Brooklyn is a Boroughs of New York City, borough of New York City located at the westernmost end of Long Island in the New York (state), State of New York. Formerly an independent city, the borough is coextensive with Kings County, one of twelv ...
including
Coney Island Coney Island is a neighborhood and entertainment area in the southwestern section of the New York City borough of Brooklyn. The neighborhood is bounded by Brighton Beach to its east, Lower New York Bay to the south and west, and Gravesend to ...
. Thor also has investments in major U.S. cities including San Francisco's Union Square; Georgetown in Washington, D.C.; Robertson Boulevard in
West Hollywood West Hollywood is a city in Los Angeles County, California, United States. Incorporated in 1984, it is home to the Sunset Strip. As of the 2020 U.S. Census, its population was 35,757. History Most historical writings about West Hollywood be ...
; Collins Avenue;
Lincoln Road Lincoln Road Mall is a pedestrian road running east–west parallel between 16th Street and 17th Street in Miami Beach, Florida, United States. Once completely open to vehicular traffic, it now hosts a pedestrian mall replete with shops, rest ...
;
Wynwood Wynwood is a neighborhood in Miami, Florida. Wynwood is known for being an entertainment district, with artwork, restaurants, breweries, clothing stores, and dance venues, among other retail options. Formerly an industrial district, the area i ...
and the Design District in
Miami Miami is a East Coast of the United States, coastal city in the U.S. state of Florida and the county seat of Miami-Dade County, Florida, Miami-Dade County in South Florida. It is the core of the Miami metropolitan area, which, with a populat ...
. Thor offers investment vehicles for institutional investors through its Thor Urban Property Funds. Thor Equities also has several subsidiary companies including retail advisory and tenant representation firm Thor Retail Advisors.


Background

Thor Equities was founded in 1986 by President & CEO Joseph J. Sitt. His first investment was a property sold at tax auction on East Tremont Avenue in the
Bronx The Bronx ( ) is the northernmost of the five Boroughs of New York City, boroughs of New York City, coextensive with Bronx County, in the U.S. state of New York (state), New York. It shares a land border with Westchester County, New York, West ...
, a chronically under served retail area, where he built a one-story retail structure with money from family and friends."How I Did It: Joe Sitt, Thor Equities"
Inc. Magazine, January 2006
He proceeded to secure national retailers Rite Aid Pharmacy and Payless Shoes after convincing them of the value of this location. "Joseph J. Sitt, 39", Crainsnewyork.com, 2004


Ashley Stewart

From Sitt's early realization of the retail gap that left broad swathes of inner city consumers largely underserved by major retailers, he founded Ashley Stewart (a name inspired by
Laura Ashley Laura Ashley (née Mountney; 7 September 1925 – 17 September 1985) was a Welsh fashion designer and businesswoman. She originally made furnishing materials in the 1950s, expanding the business into clothing design and manufacture in the 1960s ...
and
Martha Stewart Martha Helen Stewart (, ; born August 3, 1941) is an American retail business woman, writer, and television personality. As the founder of Martha Stewart Living Omnimedia, focusing on home and hospitality, she gained success through a variety ...
) in 1991. Ashley Stewart sold modern and fashionable
clothing Clothing (also known as clothes, garments, dress, apparel, or attire) is any item worn on a human human body, body. Typically, clothing is made of fabrics or textiles, but over time it has included garments made from animal skin and other thin s ...
to women. Each Ashley Stewart store hired from within the community, and the company was recognized by President Clinton for its contribution to the Welfare-to-work program.“An Eye for Opportunity”
Stern Business, Spring/Summer 2008
Ashley Stewart quickly grew to over 380 stores in more than 100 cities, which prompted many national retailers to follow suit and helped change the urban retail landscape. Sitt was also part owner of the Children's Place kids clothing chain as well as Marianne Stores, a retail outlet specializing in clothing for Latina women. As business boomed, Sitt sold his interest in 2000 to concentrate on urban real estate through his company Thor Equities. In 2004, Sitt was profiled by Crains New York in its annual "40 Under 40" issue, which celebrates those individuals in New York City who have achieved success in business before turning 40.


Development Activities

Thor Equities is a global full service real estate development and investment company specializing in acquisitions, financial management, development, property management, and leasing. Thor specializes in value-added investments in retail, hotels and mixed-use urban projects. Today, Thor's portfolio transactions and development pipeline total over 20 million square feet and is valued at more than $10 billion. Thor also created an investment platform tailored to institutional investors. Thor Urban Property Funds investors include investment banks, pension funds, college endowments, and foundations. The fund's size was over one billion dollars . In recent years, Thor has expanded its holdings internationally to include properties in cities like
Mexico City Mexico City is the capital city, capital and List of cities in Mexico, largest city of Mexico, as well as the List of North American cities by population, most populous city in North America. It is one of the most important cultural and finan ...
,
London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
,
Paris Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, largest city of France. With an estimated population of 2,048,472 residents in January 2025 in an area of more than , Paris is the List of ci ...
,
Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...
,
Cannes Cannes (, ; , ; ) is a city located on the French Riviera. It is a communes of France, commune located in the Alpes-Maritimes departments of France, department, and host city of the annual Cannes Film Festival, Midem, and Cannes Lions Internatio ...
,
Milan Milan ( , , ; ) is a city in northern Italy, regional capital of Lombardy, the largest city in Italy by urban area and the List of cities in Italy, second-most-populous city proper in Italy after Rome. The city proper has a population of nea ...
and
Madrid Madrid ( ; ) is the capital and List of largest cities in Spain, most populous municipality of Spain. It has almost 3.5 million inhabitants and a Madrid metropolitan area, metropolitan area population of approximately 7 million. It i ...
.


Notable Global Developments and Acquisitions

Thor acquired London's iconic Burlington Arcade in 2010 for £104 million. The property, located in the West End shopping district, was built in 1819 and is London's first covered shopping street. Thor's London assets also include 145
Oxford Street Oxford Street is a major road in the City of Westminster in the West End of London, running between Marble Arch and Tottenham Court Road via Oxford Circus. It marks the notional boundary between the areas of Fitzrovia and Marylebone to t ...
, 105-109 Oxford Street, 1
Dover Street Dover Street is a street in Mayfair, London. The street is notable for its Georgian architecture as well as the location of historic London clubs and hotels, which have been frequented by world leaders and historic figures in the arts. It al ...
, and Bond Street House at 14
Clifford Street Clifford Street is a street in central London, built in the early 18th century, on land that once formed part of the Burlington Estate. It is named after the Clifford family, Earl of Cumberland, Earls of Cumberland. The daughter and heiress of ...
. In 2012, Thor acquired a major retail property at 65 Boulevard de la Croisette in Cannes, France. In Paris, the company has acquired several properties including 51-53 Boulevard Haussmann, a 30,225-square-foot building; 65-67 Avenue des Champs Elysees; and 102 Avenue des Champs-Élysées. In February 2015, Thor acquired a retail property at 777
Saint Catherine Street Sainte-Catherine Street ( ) () is the primary commercial artery of Downtown Montreal, Quebec, Canada. It crosses the central business district from west to east, beginning at the corner of Claremont Avenue and de Maisonneuve Boulevard in Wes ...
in Montreal, a historical building located in Montreal's shopping corridor that is currently occupied by Banana Republic. In 2015 and 2016, Thor expanded its European holdings with the acquisition of 9
Puerta del Sol The Puerta del Sol (, English: "Gate of the Sun") is a public square in Madrid, one of the best known and busiest places in the city. This is the centre ('' Km 0'') of the radial network of Spanish roads. The square also contains the famous ...
and 11 Puerta del Sol in Madrid, and 26
Via della Spiga Via della Spiga (; literally "Alley of the Ear") is one of the Italian city of Milan's top shopping streets, forming the north-east boundary of the luxurious ''Quadrilatero della Moda'' (literally, "fashion quadrilateral"), along with Via Monte Na ...
in Milan. Thor also owns several luxury retail properties in Mexico City on Avenida Presidente Masaryk, and has attracted such retailers as Gucci and Salvatore Ferragamo. In 2016, Thor's hospitality division debuted the Thompson Playa del Carmen, a boutique hotel in Playa del Carmen, Mexico.


Manhattan

Thor is a major retail property owner on New York's Fifth Avenue and Madison Avenue. Sitt has been seen as one of the market makers on Fifth Avenue, helping push retail growth further below the traditional southern border at 49th Street. Thor has also made significant investments in the Meatpacking District, betting on the area to continue its climb as a premier retail destination in Manhattan, driven in part by the High Line and arrival of the new Whitney Museum. Thor is also heavily active in New York's SoHo area and owns numerous properties in the district. In 2013, Sitt partnered with several investors to purchase 529 Broadway for $150 million. In March 2015, the company leased its entire 15,000-square-foot building at 155 Mercer Street in SoHo to
Dolce & Gabbana Dolce & Gabbana (), also known by initials D&G, is an Italian Luxury goods, luxury fashion house founded in 1985 in Legnano by Italian designers Domenico Dolce and Stefano Gabbana. The house specializes in ready-to-wear, handbags, accessories, ...
for the brand's flagship retail store. Other areas of Manhattan where Thor owns properties include
Tribeca Tribeca ( ), originally written as TriBeCa, is a neighborhood in Lower Manhattan in New York City. Its name is a syllabic abbreviation of "Triangle Below Canal Street". The "triangle" (more accurately a quadrilateral) is bounded by Canal Str ...
, Madison Avenue, Chelsea, Bowery, Flatiron, the Upper East Side, and its headquarters near Bryant Park. In 2014 and 2015, Thor purchased a number of residential buildings in Manhattan including 98 Morningside Avenue and 838 West End Avenue, as well as a portfolio of more than two dozen apartment buildings such as 250 West 19th Street.


Brooklyn

Thor owns a large portfolio of Brooklyn properties located in
Brooklyn Heights Brooklyn Heights is a residential neighborhood within the New York City borough of Brooklyn. The neighborhood is bounded by Old Fulton Street near the Brooklyn Bridge on the north, Cadman Plaza West on the east, Atlantic Avenue on the south ...
, Cobble Hill,
Boerum Hill Boerum Hill (pronounced ) is a small neighborhood in the northwestern portion of the New York City borough of Brooklyn, bounded by Schermerhorn Street to the north and Fourth Avenue to the east. The western border is variously given as either ...
,
Downtown Brooklyn Downtown Brooklyn is the third-largest central business district in New York City (after Midtown Manhattan, Midtown and Lower Manhattan), and is located in the northwestern section of the borough (New York City), borough of Brooklyn. The neighb ...
,
Williamsburg Williamsburg may refer to: Places *Colonial Williamsburg, a living-history museum and private foundation in Virginia *Williamsburg, Brooklyn, neighborhood in New York City *Williamsburg, former name of Kernville (former town), California *Williams ...
, and Red Hook. A notable development is Albee Square Mall in Downtown Brooklyn. After Thor purchased the mall in 2001, it made various facility improvements in an effort to attract new tenants.“Gloom to Glamour”
Shopping Centers Today, June 2004
Later in 2005, Thor announced plans to build the first tower at the site also known as City Point. The building was to be the tallest tower in Brooklyn. After the city changed its zoning to permit development of the site, Thor sold the site and development plan for $125 million to a financial company.


Coney Island

In 2005, the company bought a parcel of land west of the amusement district in Coney Island for $13 million, and sold it 14 months later for $90 million. Thor then reinvested in more land on Coney Island along Stillwell Avenue as well as some Boardwalk property including Astroland. In 2006, Thor announced plans for a $1.5 billion Las Vegas-style amusement park resort, which required several zoning changes. The city had a competing vision for Coney Island and attempted to buy Thor's land, but Thor did not accept the city's offer. Astroland ceased operations on September 7, 2008. Interim amusement rides and a flea market opened in the summer of 2009 and closed later that year. On November 11, 2009, Sitt reached a deal with New York City to sell part of his 12.5 acres (51,000 m2) of land in Coney Island for $95.6 million so that the city and Thor could jointly redevelop Coney Island, completing the three-year negotiation. In May 2015, Thor Equities unveiled Coney Art Walls, a public art wall project curated by former director of the Museum of Contemporary Art (MOCA) Jeffrey Deitch and Thor CEO Joseph Sitt. Located at 3050 Stillwell Avenue, the project featured established and new artists. Coney Art Walls returned in 2016 with 21 new murals. In 2025, Coney Island based community organizations including Coney Island USA and the
Coney Island History Project The Coney Island History Project, or CIHP, founded in 2004, is a 501(c)(3) organization, 501(c)(3) nonprofit organization that works to record and increase awareness of Coney Island's history. History The Coney Island History Project was foun ...
opposed the casino development proposed by Thor Equities for Coney Island.


Chicago

Thor bought the historic
Palmer House Hilton The Palmer House – A Hilton Hotel is a historic hotel in Chicago's Chicago Loop, Loop area. It is a member of the Historic Hotels of America program of the National Trust for Historic Preservation. The first Palmer House opened in 1870, and t ...
Hotel in Chicago's Loop area in 2005 for $230 million and undertook an award-winning $150 million renovation."Thor Buys Historic Palmer House Hotel from Hilton Hotels Corporation;Plans to Add New Retail Space"
Business Wire, August 17, 2005
The Lockwood Restaurant at the Palmer House was also named a
James Beard Award The James Beard Foundation Awards are annual awards presented by the James Beard Foundation to recognize chefs, restaurateurs, authors and journalists in the United States. They are scheduled around James Beard's May 5 birthday. The media awar ...
winner. In October 2012, the company refinanced
Palmer House Hilton The Palmer House – A Hilton Hotel is a historic hotel in Chicago's Chicago Loop, Loop area. It is a member of the Historic Hotels of America program of the National Trust for Historic Preservation. The first Palmer House opened in 1870, and t ...
in
Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...
for $365 million. Thor owns several retail properties on South State Street including 1-15 East Oak Street, home to the Chicago flagship of Barneys New York. South State Street is one of the main shopping streets located inside Chicago's Loop area, where vacancies were at a 10-year low in 2013.


San Francisco

Thor owns the landmarked Phelan Building, a Victorian-style steel-framed structure reminiscent of New York's Flatiron building, at 760 Market Street in San Francisco. Thor acquired the property in 2008 from the Westcore Group. The building is home to the San Francisco office of the
Sears Sears, Roebuck and Co., commonly known as Sears ( ), is an American chain of department stores and online retailer founded in 1892 by Richard Warren Sears and Alvah Curtis Roebuck and reincorporated in 1906 by Richard Sears and Julius Rosen ...
Corporation as well as
Twitter Twitter, officially known as X since 2023, is an American microblogging and social networking service. It is one of the world's largest social media platforms and one of the most-visited websites. Users can share short text messages, image ...
co-founder Evan Williams' startup Obvious Corp. In a press release announcing the lease to Obvious, Joseph Sitt cited the growing trend of Silicon Valley tech companies moving to the surrounding area to set up shop.


Mexico

Joseph Sitt is chairman of Thor Urbana Capital, based in Mexico City. The venture's first project was a full block high-end retail development along Playa del Carmen's Quinta Avenida. In 2016, Thor's hospitality division opened the Thompson Playa del Carmen, a boutique hotel. , the company is also developing the Ritz-Carlton in Mexico City's financial district, among other properties.


Subsidiary Companies


Thor Retail Advisors

Thor Retail Advisors, led by CEO Joseph Sitt, is an affiliate of Thor Equities that provides tenant representation, brokerage and advisory services to retailers. The company has offices in New York, London, Paris, and Mexico City.


Thor Digital

Thor Digital, is the latest division launched in early 2022, and focuses on the acquisition and development of data centers across Europe with an equity commitment of up to US$3 billion and goal of US$9 billion in acquisitions value.


Non profit activities and honors


Global Gateway Alliance

Joseph Sitt is the chairman and founder of the not-for-profit Global Gateway Alliance (GGA), which was created in 2012 to address the infrastructure challenges that New York's airports face.


Additional non profit activities and honors

Joseph Sitt is an active board member of the Bedford Stuyvesant Restoration Corporation, a community development organization. He was instrumental in helping restore Restoration Plaza, the neighborhood's Town Square and the BSRC's main asset, and bringing to the area more retail options including its first family sit-down restaurant and supermarket."Effort to Revive Retail Plaza Gains in Bedford-Stuyvesant"
NY Times, May 12, 2004
"Restoration Plaza"
restorationplaza.org
In 2007, Harvard professor Michael Porter and the Initiative for a Competitive Inner City (ICIC) honored him for his commitment to fostering healthy competitive business conditions and new opportunities in inner city neighborhoods. Sitt is a managing director of Venetian Heritage, a not-for-profit organization that works to restore the Jewish museum and ancient synagogues of the Ghetto of Venice. Sitt is also a frequent speaker and lecturer at various universities including Columbia University, New York University, Baruch, and Notre Dame. He serves on the board of the Real Estate Roundtable in Washington D.C., the Department of Real Estate at Baruch College, and is a member of the Partnership for New York City. Mr. Sitt has been named by
New York Observer New or NEW may refer to: Music * New, singer of K-pop group The Boyz * ''New'' (album), by Paul McCartney, 2013 ** "New" (Paul McCartney song), 2013 * ''New'' (EP), by Regurgitator, 1995 * "New" (Daya song), 2017 * "New" (No Doubt song), 1 ...
in its annual list as one of the Most Powerful People in New York Real Estate.


Lawsuit

In May 2020, Thor 's offer to sell 933 Broadway to Mactaggart fell apart. When they clashed over a crucial deadline in an approximately $24 million Flatiron District retail contract, Thor Equities and Mactaggart Family & Associates pulled out their abacus and calendar according to new lawsuit.


See also

* Lions Group NYC * Triple Five Group * Webb and Knapp


References

{{reflist, colwidth=30em


External links


Official website
*Fred A. Bernstein

''New York Times'', October 25, 2008 Companies based in New York City Real estate companies of the United States Real estate companies established in 1986 1986 establishments in New York City